Everest Re sets up new home post-Brexit

Referendum vote has sparked a host of top insurers and reinsurers to make moves

Everest Re sets up new home post-Brexit

Insurance News

By Terry Gangcuangco

The Central Bank of Ireland has granted Everest Re Group’s subsidiary in Dublin ‘in principle’ authorisation to operate as a non-life insurer.   

To be known as Everest Insurance Ireland, dac (EIID), the entity continues Everest Insurance’s franchise expansion and allows European Union operation under a single regulatory framework. 

“Everest has operated as a reinsurer in Ireland since 2009,” said Everest Re Group president and chief executive Dominic Addesso. “The robust regulatory environment, stable economy, and highly educated talent pool make Ireland an excellent choice for Everest, providing additional options for our global insurance clients, in an increasingly complex and interconnected world.”

Addesso added: “Our new Irish insurance platform will complement our North American Insurance operations and our Lloyd’s Syndicate and enable Everest to serve clients through insurance transactions originating in the European Union. Establishing this platform is an important milestone in executing our strategy.”

Everest, based in British island territory Bermuda, has appointed former Aon chief innovation officer Stephen Cross as EIID chief executive. Cross, with almost four decades of global experience, has held multiple roles across underwriting, risk consulting and advisory, broking, captive management, and data & analytics.

EIID – whose immediate focus will be the underwriting of trade credit and political risk insurance – has obtained approval to underwrite a variety of specialty commercial insurance products, including third party liability, property, and financial lines.

Related stories:
What will be the impact of the US, EU insurance deal?
XL Group’s post-Brexit home revealed

Keep up with the latest news and events

Join our mailing list, it’s free!